VIREB’s market statistics for July 2022 in the Nanaimo real estate market shows inventory has increased over 60% from July of 2021, while demand has decreased by over 40%.
Category: Real Estate Market Updates
June 2022 Nanaimo Real Estate Market Snapshot
VIREB’s June statistics have been released! June was the first month in a year and a half that the sale to list price ratio has dipped below 100%
May 2022 Market Snapshot
For the second consecutive month the average home price in Nanaimo has decreased.
April 2022 Market Report
April is the first month of 2022 that we have seen a decrease in the monthly average sale price of single family detached homes in the Nanaimo real estate market.
March 2022 Real Estate Market Statistics
Gillette & Associates review of VIREB’s March market statistics
Bank of Canada Increases Overnight Rate
Today the Bank of Canada raised the overnight rate by .25%, bringing the rate to .5%. While this is still low compared to rates in Canada in previous years, there is an expectation of a market shift. The last time that rates increased from .25% to .5% was June of 2010. At that time, the rate dropped to .25% in June of 2019 and stayed there for a year. In today’s market, we have been in a holding pattern with a rate of .25% since April of 2020, meaning that we have had almost 2 full years at the lowest interest rate.
February 2022 Market Statistics
Gillette & Associates February 2022 Market Statistics including average sale price and inventory levels for the Nanaimo real estate market
Market Intelligence December 2021
A rapidly changing landscape both locally and across Canada remains a top concern.
November 2021 – Real Estate Market Update
Find critical insights on local and national trends to help navigate your Real Estate investments.
Market Snapshot from a National to Vancouver Island and Nanaimo overview
Interest Rates – Consumer Confidence – Migration – Local Market Conditions MARKET COOLS SLIGHTLY FOR SUMMER BUT HIGH DEMAND CONTINUES
Market Report February 2021 – The Correlation between home prices and inflation.
The debate over inflation vs deflation, or even stagflation, continues as we watch a new market emerge. One thought is that you simply cannot have low interest rates, pump untold amounts of new money into a seized-up economy, and expect it not to create inflation. History has shown us this. There is an argument for deflation as we are more of a global economy and some goods are manufactured in other countries at a lower price however Real Estate sits outside of this.
2020 Real Estate Market – Recap
The year that felt like a decade is behind us and February 2020 seems as though it were a lifetime ago. The image of “Persistence of Memory” by Salvador Dali seems fitting. A scientific theory for why time occasionally feels like it decelerates is that time perception is driven by the number of memories formed in a given period and memories are created by experiences that are often new and surprising. This is perhaps why the monotony of driving to work for 20 years passes without you noticing, yet for my kids, summers at the lake seem to pass in a flash because there are an endless collection of new experiences and activities.
